Contents
The PNB PRANAM Fixed Deposit Scheme is designed for individuals aged between 55 and 60 years and allows a minimum deposit of Rs 100 and a maximum of Rs 1,999,999,999.
Key features include:
Qualifications
- Individuals (single or joint) between the ages of 55 and 60 years, including illiterate or blind persons.
- In case of a joint deposit, the senior citizen must be the primary account holder.
Deposit Amount
- Minimum: 100 rupees
- Maximum amount: Rs.1,99,99,999
Deposit Period
- Minimum: 1 year
- Maximum: 10 years
- Income (monthly/quarterly interest payments) or maturity (quarterly compounded interest) options.
During the deposit period, both options require the account holder to achieve senior citizen status.
60 years old.
interest
- Senior citizens aged 60 and above are eligible for an additional interest rate of 0.50%.
- The income option provides interest at a quarterly simple rate or a monthly discounted rate.
- Maturity options include interest compounded quarterly and paid at the end of the term.
Early withdrawal
- Interest is paid at the lower of the contractual rate or the actual rate for the period.
- There is no penalty for early withdrawal once senior status is achieved.
Demand loans/overdrafts
- Deposits of Rs 10,000 and above are available on request.
- Overdraft Accounts opened by illiterate or visually impaired persons are not eligible.
Additional Features of PNB Pranam Fixed Deposit
- Auto-renewal, nominations and other standard banking features.
- Providing withholding tax deduction and interest certificates.
For more information, please visit the official website. Punjab National Bank
